Reality bites for Metro Pacific

The largest property transaction in the history of the Philippines is estimated to have lost Metro Pacific nearly $700 million.

One of the final chapters in the history of Metro Pacific's tortured development of the 214 hectare Fort Bonifacio site was formally closed last night. Eight years after its grandiose and record-breaking bid to develop the former US military base beat off competition from Ayala Land, the company was forced to cede control to its rival in order to manage its debts.

This saw First Pacific associate company Larouge BV formally transfer a controlling stake in Bonifacio Land Corporation BLC to a joint venture between Ayala Land and Evergreen Holdings, a company owned by pharmaceuticals tycoon Jose Campos. The stake took the form of a $90 million loan to Metro Pacific, which had...

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